Being selected to serve as the executor of a loved one's estate is certainly an honor, but it also comes with responsibilities. Moreover, many people in New Jersey aren't very familiar with the probate process. And, while probate in New Jersey is not as complicated as it is in other states, if mistakes are made they could end up being very costly.
For example, in New Jersey the executor must submit the sill to the surrogate court located in the deceased's county of residence. An inventory of the estate's assets must be compiled. Anything the deceased owed to creditors must be paid. Sometimes, assets need to be sold. Taxes will also need to be paid. Finally, any remaining estate assets must be distributed to the correct persons per the instructions in the deceased's will. Again, while this may seem relatively straightforward, if mistakes are made it could cost a lot both in time and money.
Therefore, many people chosen as executors choose not to handle such matters alone. At J. Jeffrey Press, P.A., we believe in providing our clients with personal service in their estate administration matters. We understand that executors want to do the right thing, but that they may need guidance along the way to ensure they successfully fulfill their duties.
It is important that those tasked with administering a will in New Jersey understand what is expected of them, so that they can competently execute their duties. However, oftentimes it takes the help of a professional, to ensure all matters are handled properly and lawfully. Our firm's webpage on estate administration and probate may be of use to those who have been chosen as executors of a loved one's estate and want to learn more about what this role entails.